Singapore: Updated guidance on FATCA and CRS return filing

Reporting financial institutions need to submit their FATCA and CRS return(s) for calendar year 2021 by 31 May 2022

FATCA and CRS return(s) for calendar year 2021 must be submitted by 31 May 2022

The Inland Revenue Authority of Singapore (IRAS) on 25 April 2022 announced that all Singaporean reporting financial institutions need to submit their FATCA and common reporting standard (CRS) return(s) for calendar year 2021 by 31 May 2022.

Additionally, the IRAS encouraged reporting financial institutions to submit FATCA and CRS returns early to ensure sufficient time for resolution of any unexpected issues. Reporting financial institutions that do not submit returns on time may face enforcement actions, including financial penalties for late or non-filing of FATCA and CRS returns.

Read a May 2022 report [PDF 401 KB] prepared by the KPMG member firm in Singapore

 

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